VUSSC/Content/Entrepreneurship/Marketing the Business/Introduction

1 Introduction

Some of basic terms that needs to be understood when we are looking at the Market for our products/services include demand - this is when a person or a group of persons show a need for our product/service. If they show a willingness to pay for it, then they become our customers. The number of customers in the community represent the market for a product/service. The business people who provide similar product/service are known as competitors.

In this Unit, we are going to look at the nature of the marketing plan. We will look at the three questions that a marketing plan seeks to answer. Questions such as, where have we been; where do we want to go and how are we going to get there?

We will then look at the characteristics of a marketing plan, and finally, we will spend the rest of the unit focussing on the steps involved in preparing a marketing plan.